Global Solar Air Conditioning Market: Snapshot
The global solar air conditioning market is projected to gain a valuation of over US$ 39.22 Bn by 2026. Furthermore, the global market for solar air conditioning is prognosticated to expand at a CAGR of 9.3% during the forecast period of 2018 to 2026. This growth of the market for solar air conditioning is ascribed to many factors including rising initiatives by government authorities for increasing the use of the solar energy for different purposes.
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Solar air conditioning is a conditioning system that uses solar power in order to provide air conditioning effects. These systems are gaining popularity owing to their ability to work on passive solar thermal energy and emit conditioned air using a thermally driven refrigeration process. In the recent years, the use of solar air conditioning systems is being increased across commercial, industrial, and residential spaces in order to decrease the electricity cost. This factor is resulting into sizable business prospects in the global solar air conditioning market.
Surge in awareness among people and organizations from across the globe about the rising environmental concerns are encouraging them to save electricity. This factor is leading rise in the demand for energy-efficient devices, which in turn, is creating revenue-generation opportunities in the global solar air conditioning market. Furthermore, the global market for solar air conditioning systems is projected to be driven by rising global temperature.
Enterprises operating in the global solar air conditioning market are increasing focus on the launch of technologically advanced products. Moreover, several players are using organic and inorganic strategies in order to stay ahead of the competition. Mergers, acquisitions, collaborations, and joint ventures are some of the key strategies used by players in the global solar air conditioning market in order to expand their businesses in newer regions.
Nowadays, the consumption of electricity for air-conditioning has increased dramatically across the world. The usage of solar energy for air-conditioning opens up an array of alternatives and a massive unexploited potential for market players. Since the technology is relatively new, the global market for solar air-conditioning is still in its nascent stage. However, a strong interest of investors as well as vendors in this technology is evident. At the same time, the dearth of knowledge about this technology creates hindrances for these players, owing to which they have begun to emphasize more on the development of customized training programs and circulating information materials in their target groups.
Hitherto, small- and medium-sized systems are not much popular among end users, which may create barriers for the further development of this technology. Moreover, the high cost of solar air conditioning systems, compared to standard cooling appliances, dearth of adequate technical and financial support, very few experiences and materialized applications, and inadequate monitoring of data and follow up activities may disturb the growth pace of this otherwise steadily rising market for solar air conditioning across the world. Going forward, the uniform and consistent planning will contribute significantly towards increasing awareness and acceptance of this technology among end users, reflecting on the number of installed applications and leading towards a positive future of this solar air conditioning market.
Global Solar Air Conditioning Market: Brief Description
Solar air conditioning systems are the applications of solar thermal energy which gives out conditioned air through a thermally driven refrigeration process. The employment of conventional air conditioning devices surpluses the power grid, which causes vital service disruptions and severe economic impact. The use of conventional air conditioning devices increases concerns over environmental pollution, basically in the form of the greenhouse gas emissions, which adversely impacts the climate. The rising demand for energy, growing government endowments and subsidies for deployment of solar devices, policies and regulations such as renewable portfolio standards, and the rising focus on renewable energy as an important source for power generation is anticipated to bolster the demand for solar air conditioning market globally.
This industry research report is a brief review of the growth trail in terms of existing, past, and future scenarios of the global solar air conditioning market. It deals with the evaluation of the aspects that are expected to influence the development of the solar air conditioning market and the primary trends have also been specified in the research study. The research study also offers a broad lookout on the vendor landscape of the market through Porter’s five forces analysis. The research report offers references of the research and development activities, mergers and acquisitions, and specifics on licensing and collaborations. The report probes into the strategies related to publicity, shares, and product range of the key participants in the global solar air conditioning market.
Global Solar Air Conditioning Market: Drivers and Inhibitors
The global solar air conditioning market devices is expected to grow extensively owing to the various benefits associated with the use of solar air conditioning devices. The profits of deploying solar air conditioning devices instead of the conventional air conditioning devices comprise pressure alleviation upon the power grids, potential environmental benefits, and substantial upsurge in its application for residential, commercial, and industrial constructions. The factors that are likely to impact the growth of the solar air conditioning market relate to building characteristics, ignorance, social aspects, and market aspects.
The finances of solar cooling are unfavorable as against the traditional air cooling systems in terms of the high cost of solar collector and the dearth of incentives for building owners to install solar air conditioning devices. The augmented production volumes of solar collectors can be enthused by subsidies and by inspiring building owners to install energy efficient solar air conditioning systems. This can be done by providing a market recognition mechanism which can offset the economic barriers. This, in turn is expected to boost the demand for the solar air conditioning devices.
Global Solar Air Conditioning Market: Regional Outlook
In terms of geography, Europe is anticipated to hold a significant amount of share in the global solar air conditioning market owing the initiatives taken by the governments in the regions in order to increase the share of renewable sources of energy in the total power-mix of the region. Countries such as France, Germany, Greece, and Spain have begun with small-scale deployment of solar air conditioning devices, especially for commercial buildings. North America and Asia Pacific are expected to show very promising growth rates in the near future.
Global Solar Air Conditioning Market: Companies Covered in the Report
The companies in the global solar air conditioning market are Vicot Air Conditioning Co. Ltd., Solair World, Sedna Aire International, Lennox International Inc., and Arka Technologies.
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